“Two former managers of hedge funds at Bear Stearns were arrested and charged with securities fraud on Thursday, a year after the collapse of the funds signaled the onset of a credit crunch that shows little sign of abating….
The indictments, which will be detailed this afternoon by federal prosecutors in Brooklyn, are the first to be brought against senior Wall Street executives linked to a tight credit market that has rattled global markets, led to more than $350 billion in write-offs, cost numerous executives their jobs and culminated in the demise of Bear Stearns.
The two funds had names as obtuse as the complex subprime securities in their portfolios — High Grade Structured Credit Strategies Fund, and its riskier sister offering, the High Grade Structured Credit Strategies…….”
More at the New York Times.
Comment:
Tut…And these guys were gods only yesterday. How soon they forget….
All it took was for gas prices to double…..and the mob got out the noose and the gallows…
And sooner or later another individual with an uncanny understanding of the market will walk across water to the shores where the masses will be awaiting, their check books in hand, anxious to have their money blessed, or doubled. A disprover only exists until the other side gains the majority, then they become the fool. The humor is abundant. Gas prices double? If they had tripled and then lost a third of that value, people would say, “oh, well at least they’ve only doubled.” The noose and gallows have to be carried a bit further than to these two gentlemens’ doorsteps or else erected in the front yards of our own homes.
Very true…
But in a democracy, the one fundamentalism that gets approved from every scribe and scribbler, the one intellectually respectable religion seems to be the worship of the people.